Tax warn­ing to work­ers in the shar­ing econ­omy

Gatton Star - - TAX TIME -

MIL­LIONS of Aus­tralians are rak­ing in in­come from the shar­ing econ­omy but they are be­ing warned to un­der­stand the tax im­pli­ca­tions.

Lat­est fig­ures from Trea­sury es­ti­mate that in 2017 the shar­ing econ­omy was worth a mas­sive $15.7 bil­lion, and more than 10.8 mil­lion Aus­tralians were pre­dicted to earn some form of in­come this way.

Pop­u­lar shar­ing econ­omy in­come streams in­clude food de­liv­ery, ride-shar­ing and be­ing an Airbnb host.

The Aus­tralian Tax Of­fice has warned peo­ple need to un­der­stand tax ap­plies when earn­ing in­come through these meth­ods and those who think they can get away with not pay­ing tax on their earn­ings should think again.

The ATO has so­phis­ti­cated data-match­ing pro­cesses that ex­am­ine more than 650 mil­lion pieces of data at tax time. This in­cludes drilling down into shar­ing econ­omy plat­forms.

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